Next: Share price up for luxury interior brand Sanderson Design after £2.6m licensing deal
The share price of luxury interior furnishings group Sanderson Design skyrocketed 12 per cent to 132.7pt this morning, after a £2.6M licensing agreement with London listed retailer Next was announced.
The group will sell its Clarke & Clarke products, which includes wallpaper and rugs, in Next’s online and physical stores, with the deal meaning a licensing income of £2.6m in the 2023 financial year.
“Clarke & Clarke is already the company’s largest brand by revenue and this agreement brings further multi-year income potential along with the endorsement of a major UK retailer,” Lisa Montague, Sanderson Design Group’s chief executive officer, said.
Next already has a relationship with the Sanderson Design brands, with the fashion retailer signing a womenswear agreement in May 2021 to sell its Morris & Co clothing line.
The retailer also revealed that this line was also extended and will see the launch of a new range of Next Morris & Co. womenswear for autumn/winter this year.
“We anticipate the combination of timeless Clarke and Clarke design with Next’s sourcing, online and retail capabilities will deliver exciting new products to customers in the UK and beyond,” Lord Simon Wolfson, chief executive of Next, said.
It comes as the London listed company has raised its full year profit guidance after it reported a 4.8 per cent rise in full price sales year on year in the nine weeks to 30 December.
Earlier this year, the brand also snapped up embattled fashion chain Joules for £34m in December, after it teetered on a collapse into administration.
Next also bought the brand, websites and intellectual property of furniture business Made.com.